Also present at the New York event was the infamous U.S. Vogue editor, Anna Wintour.

The woman who was alleged to have been the inspiration for the magazine editor depicted in The Devil Wears Prada sat in between former model Grace Coddington and Nylon magazine's editor-at-large Dani Stahl.

Rachel Zoe was also pictured at the event, posing up with Marc Jacobs, where he was again seen with a cigarette in his hand.

New Yorker Jacobs admitted that his intention was to portray the young woman as a reimagination of the tragic character in Vladimir Nabokov's 1955 novel, Lolita, which tells the story of young girl's sexual relationship with a much older man, who becomes her step-father.

He told Women's Wear Daily: 'I’ve been a big fan of Dakota since the first time I saw her in a movie, and we made her a wardrobe in her size when she was 12, which was pretty incredible.

'When we were speaking about who to use in the ads, I had recently seen The Runaways...I knew she could be this contemporary Lolita, seductive yet sweet.'

Lolita reborn: Marc Jacobs admitted he intended Dakota's appearance in his perfume ad to be a reincarnation of the tragic character in Vladimir Nabokov's 1955 novel

The iconic novel tells the story of sexual predator Humbert Humbert and his exploitation of his 'Lolita' from the age of 12.

Ironically, this is the age at which Dakota first posed for the successful designer.

The pull of Jacobs is so strong that Fanning admitted she was: 'humbled by the offer and said yes immediately.'

Provocative: Dakota posed for Marc Jacobs in his latest perfume campaign Oh Lola! earlier this year

Dakota recently graduated from high school and joined her peers to receive her diploma.